Mario started with a zero balance on his library account. A book he borrowed was 7 days overdue, and he was charged $0.25 per da
2 answers:
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Answer:
time is 6.76 years
Step-by-step explanation:
given data
amount = $150
payment = $100
rate r = 6% = 0.06
to find out
time period t
solution
we know it is compounding continuous
so we will apply here formula that is
amount = payment × ..........1
put here all value we get
amount = payment ×
150 = 100 ×
take ln both side
ln 1.5 =
0.40546 = 0.06t
t = 0.40546 / 0.06
t = 6.76
so time is 6.76 years